J. BAERT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
J. BAERT
Largest movements
- Receivables within one year +€24,385
up €24,385 (+5.6%), from €436,855 to €461,240
- Tangible fixed assets -€9,454
down €9,454 (-8.4%), from €112,086 to €102,632
- Tax, wage and social debts +€20,385
up €20,385 (+137.4%), from €14,835 to €35,220
- Trade debts -€19,684
down €19,684 (-99.4%), from €19,805 to €121
- Reserves +€7,250
up €7,250 (+1.4%), from €524,550 to €531,800
of which Distributable reserves: +€61,000
- Other debts +€7,000
up €7,000 (+26.3%), from €26,576 to €33,576
- Gross operating margin -€27,707
down €27,707 (-49.5%), from €55,919 to €28,212
- Taxes +€8,709
up €8,709 (+40.2%), from €21,676 to €30,385
- Other operating charges -€1,443
down €1,443 (-28.6%), from €5,036 to €3,593
- Financial income -€1,030
down €1,030 (-4.1%), from €25,354 to €24,324
- Financial charges -€753
down €753 (-39.3%), from €1,913 to €1,161
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €607,789 | €622,810 | +€15,021 | +2.5% |
| Fixed assets | 21/28 | €170,456 | €161,002 | -€9,454 | -5.5% |
| Tangible fixed assets | 22/27 | €112,086 | €102,632 | -€9,454 | -8.4% |
| Land and buildings | 22 | €112,086 | €102,632 | -€9,454 | -8.4% |
| Financial fixed assets | 28 | €58,370 | €58,370 | = | 0.0% |
| Current assets | 29/58 | €437,333 | €461,808 | +€24,475 | +5.6% |
| Amounts receivable within one year | 40/41 | €436,855 | €461,240 | +€24,385 | +5.6% |
| Other amounts receivable | 41 | €436,855 | €461,240 | +€24,385 | +5.6% |
| Cash at bank and in hand | 54/58 | - | €176 | +€176 | |
| Deferred charges and accrued income | 490/1 | €477 | €391 | -€86 | -18.1% |
| Total equity and liabilities | 10/49 | €607,789 | €622,810 | +€15,021 | +2.5% |
| Equity | 10/15 | €545,117 | €553,060 | +€7,943 | +1.5% |
| Contributions | 10/11 | €18,597 | €18,597 | = | 0.0% |
| Reserves | 13 | €524,550 | €531,800 | +€7,250 | +1.4% |
| Tax-exempt reserves | 132 | €53,750 | - | -€53,750 | |
| Distributable reserves | 133 | €470,800 | €531,800 | +€61,000 | +13.0% |
| Profit (loss) carried forward | 14 | €1,970 | €2,663 | +€693 | +35.2% |
| Amounts payable | 17/49 | €62,672 | €69,750 | +€7,078 | +11.3% |
| Amounts payable within one year | 42/48 | €62,672 | €69,750 | +€7,078 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | - | €833 | +€833 | |
| Financial debts | 43 | €1,456 | - | -€1,456 | |
| Credit institutions | 430/8 | €1,456 | - | -€1,456 | |
| Trade debts | 44 | €19,805 | €121 | -€19,684 | -99.4% |
| Suppliers | 440/4 | €19,805 | €121 | -€19,684 | -99.4% |
| Taxes, remuneration and social security | 45 | €14,835 | €35,220 | +€20,385 | +137.4% |
| Taxes | 450/3 | €14,835 | €35,220 | +€20,385 | +137.4% |
| Other amounts payable | 47/48 | €26,576 | €33,576 | +€7,000 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,454 | €9,454 | = | 0.0% |
| Other operating charges | 640/8 | €5,036 | €3,593 | -€1,443 | -28.6% |
| Gross operating margin | 9900 | €55,919 | €28,212 | -€27,707 | -49.5% |
| Operating profit (loss) | 9901 | €41,429 | €15,165 | -€26,264 | -63.4% |
| Financial income | 75/76B | €25,354 | €24,324 | -€1,030 | -4.1% |
| Recurring financial income | 75 | €25,354 | €24,324 | -€1,030 | -4.1% |
| Financial charges | 65/66B | €1,913 | €1,161 | -€753 | -39.3% |
| Recurring financial charges | 65 | €1,913 | €1,161 | -€753 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €64,869 | €38,328 | -€26,541 | -40.9% |
| Income taxes | 67/77 | €21,676 | €30,385 | +€8,709 | +40.2% |
| Profit (loss) for the period | 9904 | €43,193 | €7,943 | -€35,250 | -81.6% |
| Transfer from tax-exempt reserves | 789 | - | €53,750 | +€53,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,193 | €61,693 | +€18,500 | +42.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.